Question
Pedro is corporate promoter for Nolo Corporation, a corporation yet to be formed. Pedro spends $40,000 of his own money and devotes 400 hours to
Pedro is corporate promoter for Nolo Corporation, a corporation yet to be formed. Pedro spends $40,000 of his own money and devotes 400 hours to bring Nolo and its business into existence. When Nolo is incorporated, Pedro asks the board of directors to issue some common stock to him as compensation. Would that be legal?
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Accounting, Chapters 1-13
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
25th Edition
1285069625, 9781285069623
